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What is a grace period?

What is a grace period? Here are some definitions.

Noun
  1. (idiomatic) A length of time during which rules or penalties do not take effect or are withheld.
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Examples
The grace period begins on the statement closing date and ends on the payment due date.
The company has a 30-day grace period to decide whether to make the payments.
Of course, it is upon this 12-month grace period that Oakley wish to rely.
The loan should be repaid within 10 years and has a 5-year grace period and preferential interest.
An article providing for a one-year grace period was not debated in the pell-mell final day of the legislative session.
Some large lenders will accept your application but delay processing it until near the end of your grace period.

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